Third Arc Bio launches with $165M to address unmet needs in oncology and autoimmunity
The company was founded by executives from Johnson & Johnson
Third Arc Bio is a company that says its on mission to deliver transformational therapies for solid tumors and inflammatory & immunology diseases through the use of multifunctional antibodies that create immune synapses to precisely activate or inhibit T cells.
On Tuesday, the company officially announced its launch, along with a $165 million in an oversubscribed Series A funding round led by Vida Ventures and co-led by Cormorant Asset Management and Hillhouse Investment.
Omega Funds, which led the company's seed financing, also participated in the Series A, along with Goldman Sachs Alternatives, BVF Partners LP, funds and accounts advised by T. Rowe Price Associates, Inc., Janus Henderson Investors, funds managed by abrdn Inc., Marshall Wace, Foresite Capital, Logos Capital, Freepoint Capital Group, and AbbVie Ventures.
Founded in 2022, Third Arc Bio is developing multifunctional antibodies that generate immune synapses that precisely activate or inhibit T cells.
The company's drug development engine delivers biologics optimized to create T cell engagement by leveraging two technologies that power a pipeline of high value therapeutics: a solid tumor synergy platform and an I&I platform that offers an approach to precision immune regulation at a tissue-specific level to achieve superior efficacy and safety.
The Third Arc team includes multiple former executives from Johnson & Johnson (J&J), including Peter F. Lebowitz, MD, PhD, who joined Third Arc Bio as CEO in January of 2024, who was previously Global Head of Oncology R&D for Johnson & Johnson, and he also served in multiple leadership roles at GSK including as Vice President, Global Head of Oncology Early Clinical Development.
The company's founder and Chief Scientific Officer, Sanjaya Singh, previously worked at J&J as Global Head of Janssen Biotherapeutics, as did Joe Erhardt, PhD, the company's Chief Operating Officer, who was previously Vice President, Global Head of Oncology Discovery and External Innovation at Johnson & Johnson.
Third Arc Bio's leadership team has collectively brought 19 drugs from discovery and development to commercialization.
Since its founding, Third Arc has advanced multiple programs that will enter the clinic starting in early 2025, and the company plans to use its new money to fund clinical studies to address significant unmet needs in oncology and autoimmunity.
"With a powerful discovery engine and a stellar development team, the company is well-positioned to deliver best-in-class therapies and regimens," Lebowitz said in a statement.
"We are grateful for the strong support from Omega Funds and our investor syndicate, who believe in the value of our precise and targeted approach to modulating the immune response with advanced biologics."
(Image source: thirdarcbio.com)
